Govt. Should Allow More Companies Take Up Agric Insurance
The federal government should as a matter of urgency liberalise the agricultural insurance space to allow more companies undertake agric insurance. Dr. Adelaja Adesina, Managing Consultant, Bdellium Consult Ltd who made this assertion, said that if 60 per cent of the nation’s Gross Domestic Product is from agriculture, why limit the business to only three or four insurance companies? According to Adesina, government should extend 50 per cent subsidies to all agric insurance companies and not just to Nigeria Agricultural Insurance Corporation, NAIC, and premium subsidies given by Government should be for all agric insurance companies. He however charged insurance practitioners to understand the value chains and know when to outsource critical components to qualified and experienced professionals.
Adesina said, “Insurance companies should outsource the fieldwork and management of agric and agric related projects to reduce staff overhead costs. Insurance firms need data to function effectively, such as rainfall and yields data, etc. Insurers must invest in infrastructure, satellite imagery, softwares for agric solutions, etc.” According to Adesina, the insurance industry can be the vehicle to drive the agricultural potentials of the country, hence must understand and build capacity for agribusiness as well as have agric desks managed by qualified and experienced professionals who understand the different spectra of agribusiness. Read more…
Culled from Vanguard
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